USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.31% against the JPY and closed at 100.17. The Japanese Yen declined against the US Dollar, as traders refrained from taking major bets ahead of the Bank of Japan’s (BoJ) interest rate decision, due on Thursday.
In the Asian session, at GMT0400, the pair is trading at 100.02, with the USD trading 0.16% lower from yesterday’s close.
Earlier today, Japan’s Ministry of Finance reported that the nation’s merchandised trade deficit widened to ¥1,090.7 billion in October, defying analysts’ expectations for the deficit to narrow to ¥813.5 billion from previous month’s deficit of ¥932.1 billion. Separately, Japan’s Ministry of Economy, Trade and Industry revealed that it’s all industry activity index rose less-than-expected 0.4% (MoM) in September, following a 0.3% rise recoded in August.
The pair is expected to find support at 99.69, and a fall through could take it to the next support level of 99.36. The pair is expected to find its first resistance at 100.31, and a rise through could take it to the next resistance level of 100.60.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
